FROM April 6, 2015, certain non-UK residents are now subject to the capital gains tax (CGT) regime on the disposal of UK residential property.

The new rules will apply not only to non-resident individuals, but also to non-resident trustees, personal representatives of non-resident deceased persons, certain non-resident companies and any of the above who are partners in a partnership or members of an LLP.

Only UK residential property is affected by the new CGT charge, therefore any commercial properties can be ignored.

You will need to report the disposal to HMRC within 30 days of the date when the title is conveyed. As you also need to record the disposal on your annual tax return any CGT due will be payable on the usual due date.

But if you are not already within the self-assessment regime in the tax year of disposal, any CGT due is payable 30 days after the sale is completed.

So, if you are planning to dispose of a UK property and you are not in self-assessment, you may wish to register in order to benefit from the more favourable payment date.

For more information contact Jo Gibbons based at Baker Tilly’s office on Basing View, on 01256 486812 or email her at jo.gibbons@bakertilly.co.uk.